Skip to Content

Save California: Legalize marijuana

More
Text SizeAAA

Filed under: Budgets, Entrepreneurship, Health, Recession

Legalizing marijuana, and taxing it and adding fees for its regulation, could add more than a billion dollars a year into the state's finances, under a bill proposed by a state assemblyman.

The bill introduced Monday by Assemblyman Tom Ammiano of San Francisco would regulate marijuana like alcohol. People over 21 years old would be allowed to grow, buy, sell and possess the drug, according to a San Francisco Chronicle story.

It's unclear if federal law barring marijuana use would supersede any state law. Californians approved Proposition 215 in 1996, allowing marijuana for medical use, but federal agents have closed pot clubs throughout the state.

As a California resident facing increased state taxes and service cutbacks as the state deals with what seems like a constant budget problem, I support this bill and the money it would raise.

Ammiano's bill already has the backing of Betty Yee, who chairs the state Board of Equalization, which collects taxes in California. Her agency found that the state would collect $1.3 billion a year in tax revenue and a $50-an-ounce levy on retail sales if marijuana were legal.

The analysis also found that legalization would drop the street value by half and increase consumption by 40%.

For Californians, adding another tax may be the best way to solve the budget crisis that pops up every year. At least lawmakers will be a little more mellow when debating it.

Subscribe to Walletpop

Reader Comments (Page 1 of 1)

The Most Impressive Desserts
Looking to impress your guests with a dessert to die for? Or maybe you'd like to bring something ...
How to Choose the Most Flattering Hat
Adding a hat can make or break an ensemble, not to mention either flatter your face and highlight ...

Lita Epstein
Lita Epstein Filed under: Health

Nightmare public hospital to be reborn as private hospital

You may remember the video reports of Edith Rodriguez, a 43-year-old woman seen dying in the emergency room of a hospital in Los Angeles. Well, that hospital was the Martin Luther King Jr.-Harbor ...
Charles Feldman
Charles Feldman Filed under: Real Estate, Recession, Investing, Mortgages

Why Dubai should matter to you; U.S. real estate could take big hit!

Funny thing this globalization: Just when you think everything is starting to settle down and maybe, just maybe, the world's economic plight is finally on the mend, along comes news from a place such ...
Geoff Williams
Geoff Williams Filed under: Debt, Credit cards

Showing this weekend at a movie theater near you: credit card advice

In the midst of all your shopping on Black Friday and in the aftermath, are you planning on taking in a movie? Before you watch the latest Twilight movie, or Ninja Assassin or whatever you think will ...
Barbara Bartlein
Barbara Bartlein Filed under: Saving Money, Health

Mammogram madness costs major money

The latest guidelines from the U.S. Preventative Services Task Force now say that women don't need mammograms every year and don't need the first one until 50. Citing millions who have had "false ...

Headlines from WalletPop Partners